Gauchos score three home runs
The women of the wild West
UCSB baseball team defeats Loyola Marymount - A3
Alisal Ranch captures pioneering spirit with ‘WILDWONDER’ - B1
Our 167th Year
RAIN TOTALS
Santa Barbara County Building
YESTERDAY............................ 2.4” SEASON TOTAL.................... 28.5” CACHUMA LAKE LEVEL..... 747.87 91.9%
75¢
W E D N E S DAY, M A R C H 1 5 , 2 0 2 3
First Republic Bank rebounds California bank sees shares rise Tuesday after Monday’s decline By KATHERINE ZEHNDER NEWS-PRESS STAFF WRITER
San Francisco-based First Republic bank opened Monday morning with a 70% plunge in its stock prices and ended the day with a 61.8% decline. But Tuesday was a better day for the bank, which has a branch located at 1200 State St. in Santa Barbara. First Republic ended Tuesday with a 27.8% gain. At one point, it climbed more than 60%. And the bank reported on Sunday that it had received additional funding from JPMorgan Chase and the Federal Reserve. First Republic Bank’s plunge on Monday follows the Silicon Valley Bank collapse last week. But the First Republic Bank decrease was less than the 87% decline experienced by Silicon Valley Bank, which was taken over by the Federal Deposit Insurance Corp. Bank of America, JP Morgan and other major banks saw their stock prices take a dive last week, but their prices stabilized on Friday. First Republic Bank has more than 80 branches in seven states and held $176.4
billion in deposits at the end of 2022. Of that, $119.5 billion was uninsured. According to a report filed with the FDIC, the average deposit size for most First Republic customers is less than $200,000. The average business account holds less than $500,000. The corporate headquarters of First Republic Bank did not respond Tuesday to the NewsPress’ request for comment. On Monday, President Joe Biden stressed that the banking system is safe, noting steps that were taken to limit the fallout from the collapse of Silicon Valley Bank. Some lawmakers have called for re-examining the rules for midsize banks. San Francisco Gate reported that First Republic Bank mainly serves wealthy clients and has deposits less concentrated in the tech industry than Silicon Valley Bank did. “The Tuesday rally is another hopeful sign for markets,” Business Insider reported on Tuesday. “ ‘Big Short’ investor Michael Burry has said he believes there’s little risk of contagion from SVB’s collapse for other stocks.”” email: kzehnder@newspress.com
SANTA BARBARA COUNTY FIRE DEPARTMENT PHOTO
Santa Barbara County Flood District workers survey San Antonio Creek as it overflows a crossing Tuesday in Tucker’s Grove Park near Santa Barbara.
Fast and furious
National Weather Service says heavy rain fell but during short durations that cut rainfall totals
COURTESY PHOTO
Treasury Secretary Janet Yellen
At left, Capt. Jason Orr of the Santa Barbara County Fire Department looks at damage from a eucalyptus tree that fell over a bridge over Tecolote Creek. The bridge is near The Ritz-Carlton Bacara Resort in Goleta. At right, traffic is lighter than usual Tuesday on Highway 101 in Montecito.
By DAVE MASON NEWS-PRESS MANAGING EDITOR
San Antonio Creek overflowed a crossing Tuesday at Tucker’s Grove Park near Santa Barbara as rain pounded the South Coast. On Tuesday morning, Santa Barbara County issued evacuation orders for the Alisal Fire, Cave Fire and Thomas Fire burn areas. The county Office of Emergency Management didn’t mince words at readysbc.org: “Flooding and debris flow hazards exist due to
the storm. Leave now.” But as of 5:30 p.m., the county canceled those orders with Raquel Zick, the public information officer for the Santa Barbara County Sheriff’s Office, noting, “Be aware the flooding and debris may be still present in the area.” A flood advisory was scheduled to end by 10 p.m. Tuesday in Santa Barbara, Ventura and San Luis Obispo counties. Between 4 p.m. Monday and 4 p.m. Tuesday, a little over 2 inches of rain fell in Goleta. More than
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2 inches of rain was reported in Santa Barbara. “So far the storm has been underwhelming locally as the first impulse has moved through much faster than anticipated across San Luis Obispo and Santa Barbara counties,” the National Weather Service said Tuesday afternoon. “Rain rates around a half inch per hour have been observed, but only for short durations, which has significantly cut into rainfall totals there.” During the same 24-hour
period, the National Weather Service reported 1.22 inch of rain fell in Santa Maria and 1.18 inch in Lompoc. Things were drier in New Cuyama, which experienced 0.52 inch of rain and Santa Ynez, which saw 0.24 inch. Heavy amounts of water were seen flowing at Montecito Creek, and California Conservation Corps members filled sandbags at Lower Manning Park in Montecito. Please see RAIN on A4
Yellen: No bailout for Silicon Valley Bank shareholders By RIA JOSEPH
THE CENTER SQUARE CONTRIBUTOR
(The Center Square) — Just one day after U.S. Treasury Secretary Janet Yellen told Margaret Brennan on CBS’ “Face the Nation” that “investors and owners of systemic large banks” will not be bailed out of the Silicon Valley Bank failure, she made good on her statement. “We’re not going to do that again, but we are concerned about depositors and are focused on trying to meet their needs,” Secretary Yellen stated.
In a joint statement released by the Federal Reserve on Sunday, Secretary Yellen, Federal Reserve Board Chair Jerome H. Powell and FDIC Chairman Martin J. Gruenberg announced: “Depositors will have access to all of their money starting Monday, March 13. No losses associated with the resolution of Silicon Valley Bank will be borne by the taxpayer … Shareholders and certain unsecured debt holders will not be protected. Senior management has also Please see YELLEN on B4
INSIDE
L O T T E RY RESULTS
Classified................. B4 Life...................... B1-2 Obituaries............... A4
Saturday’s SUPER LOTTO: 13-16-35-36-38 Meganumber: 25
Tuesday’s DAILY 4: 4-8-8-5
Tuesday’s MEGA MILLIONS: N/A Meganumber: N/A
Tuesday’s FANTASY 5: 4-6-17-30-33
Tuesday’s DAILY DERBY: 06-07-02 Time: 1:49.94
Monday’s POWERBALL: 3-10-24-46-63 Meganumber: 4
Sudoku................... B1 Sports . .................... A3 Weather................. A4
Tuesday’s DAILY 3: 9-0-5 / Wednesday’s Midday 5-7-3